NOBL vs. SDY

Last updated Jun 9, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and SDY (SPDR S&P Dividend ETF) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, NOBL returned 9.58%/yr vs 9.24%/yr for SDY. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

NOBL vs. SDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and SPDR S&P Dividend ETF (SDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOBL achieves a 4.55% return, which is significantly lower than SDY's 7.58% return. Both investments have delivered pretty close results over the past 10 years, with NOBL having a 9.58% annualized return and SDY not far behind at 9.24%.

NOBL

• 1D: -0.72%
• 1M: 1.13%
• YTD: 4.55%
• 6M: 6.02%
• 1Y: 9.97%
• 3Y*: 8.03%
• 5Y*: 5.43%
• 10Y*: 9.58%

SDY

• 1D: -0.75%
• 1M: 0.53%
• YTD: 7.58%
• 6M: 8.73%
• 1Y: 13.00%
• 3Y*: 9.44%
• 5Y*: 6.08%
• 10Y*: 9.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NOBL vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOBL ProShares S&P 500 Dividend Aristocrats ETF	4.55%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%
SDY SPDR S&P Dividend ETF	7.58%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between NOBL and SDY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013	0.96

The correlation between NOBL and SDY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

NOBL vs. SDY - Sectors Allocation Comparison

Sectors	NOBL	SDY
Consumer Defensive	23.5%	17.1%
Industrials	20.3%	17.5%
Financial Services	12.4%	11.5%
Basic Materials	10.9%	6.4%
Healthcare	9.7%	6.2%
Utilities	6.4%	14.8%
Consumer Cyclical	5.1%	5.2%
Real Estate	4.6%	4.6%
Technology	3.6%	8.7%
Energy	3.4%	4.6%
Communication Services	-	3.5%

Return for Risk

NOBL vs. SDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NOBL

NOBL Risk / Return Rank: 25
NOBL Sharpe Ratio Rank: 27
NOBL Sortino Ratio Rank: 27
NOBL Omega Ratio Rank: 24
NOBL Calmar Ratio Rank: 25
NOBL Martin Ratio Rank: 23

SDY

SDY Risk / Return Rank: 38
SDY Sharpe Ratio Rank: 39
SDY Sortino Ratio Rank: 42
SDY Omega Ratio Rank: 36
SDY Calmar Ratio Rank: 38
SDY Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NOBL vs. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and SPDR S&P Dividend ETF (SDY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NOBL	SDY	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.26	-0.38
Sortino ratio: Return per unit of downside risk	1.36	1.94	-0.58
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	1.10	1.70	-0.60
Martin ratio: Return relative to average drawdown	2.83	4.63	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOBL vs. SDY - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 0.88, which is lower than the SDY Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of NOBL and SDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NOBL	SDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.26	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.44	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.54	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.47	+0.18

Drawdowns

NOBL vs. SDY - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for NOBL and SDY.

Drawdown Indicators

	NOBL	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-54.75%	+19.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-7.67%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-14.39%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-15.21%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	-36.70%	+1.27%
Current Drawdown Current decline from peak	-5.05%	-3.99%	-1.06%
Average Drawdown Average peak-to-trough decline	-3.48%	-6.21%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	2.81%	+0.73%

Volatility

NOBL vs. SDY - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and SPDR S&P Dividend ETF (SDY) have volatilities of 2.49% and 2.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.49%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	7.45%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	10.35%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.39%	14.03%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	17.09%	-0.48%

NOBL vs. SDY - Expense Ratio Comparison

Both NOBL and SDY have an expense ratio of 0.35%.

Dividends

NOBL vs. SDY - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.10%, less than SDY's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.10%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both NOBL and SDY in my portfolio?

With a correlation of 0.96, NOBL and SDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NOBL or SDY?

SDY has higher volatility (2.49%) compared to NOBL (2.49%). In terms of maximum drawdown, NOBL dropped -35.43% vs SDY's -54.75%.

Which ETF is better, NOBL or SDY?

On 10-year performance, NOBL leads with 9.58% vs 9.24% for SDY. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or SDY?

Over the 10-year period, NOBL has performed better with a 9.58% return vs 9.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or SDY?

NOBL and SDY have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, NOBL or SDY?

SDY has the higher dividend yield at 2.48%, compared with 2.10% for NOBL.

What is the main difference between NOBL and SDY?

NOBL is categorized as Dividend, while SDY is Mid Cap Value Equities. NOBL tracks S&P 500 Dividend Aristocrats Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. They also come from different issuers: ProShares and State Street.

Which has better risk-adjusted returns?

SDY currently has the higher Sharpe Ratio (1.26 vs 0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.